EIS ACCEPTS TLC REQUEST FOR EXTENSION OF $900,000 WILDWOOD OFFER

ECOFORESTRY INSTITUTE SOCIETY

NEWS RELEASE

EIS ACCEPTS TLC REQUEST FOR EXTENSION OF $900,000 WILDWOOD OFFER

July 27, 2015
For immediate release

VICTORIA – Just hours shy of the 2 pm, July 27 deadline to accept the Ecoforestry Institute Society’s (EIS) offer of $900,000 for Wildwood Ecoforest, The Land Conservancy (TLC) has requested a week’s extension of the offer. EIS has accepted the extension.

“This is the first time TLC has stated an intent to consider our bid and we are pleased to enter into serious negotiations on the basis of this strong offer,” says EIS Chair Peter Jungwirth. “We are confident that we have addressed TLC’s previously expressed concerns, and that EIS will finally be able to get on with the full stewardship of Wildwood. EIS is grateful to the concerned donors who have made this offer possible.”

Barry Gates, EIS Vice Chair, added, “This development is especially encouraging in light of TLC Chair Briony Penn’s remarks during the June 12th Extraordinary General Meeting. At that time, Ms. Penn indicated that an $860,000 offer for a special purposes trust for Wildwood would mean that TLC could amend the Plan of Arrangement commitment if there was no material change in the amount of money that would be coming to the creditor. EIS has met and exceeded that challenge.”

TLC cited its inability for the TLC Board to consider the offer as a result of being swamped with preparations needed for their court date on July 28 in BC Supreme Court. TLC will be requesting the court to lift the inalienability bylaws affecting the transfer of 28 properties to The Nature Conservancy of Canada and The Nature Trust of BC.

The new deadline for TLC to accept the EIS offer is set for 2 pm, August 3, 2015.

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